BGR reported that they received some new information from an incredibly solid source of ours. According to our source, Apple will indeed be launching a prepaid / lower cost iPhone this year. We are told the handset will retail for no more than $350 without contract. Ready for the really interesting part? It’s entirely possible that the low-cost iPhone will in fact be the iPhone 3GS.

BGR reported that they were able to independently confirm that the iPhone 5 featured a radical new design, however this source is not quite sure that this will be the next iPhone. Whether it is the iPhone 4S or 5, it will be coming out or “at least announced by the end of Summer, late August-ish.”.

Thew where told that Apple will continue to sell the current iPhone 4 as well, finally giving the company a full range of devices in the lower, mid, and high-end price segments. Coupled with rumored launches on Sprint and T-Mobile in the U.S. alone, Apple seems prepared to once again take charge and lead in the smartphone market.